Building A Layered Plan for Battling Cybercrime

By Kimberly White, Senior Director, Fraud and Identity, LexisNexis® Risk Solutions

As interactions with customers evolve over time, businesses need to keep pace of all the ways in which bad actors can inflict havoc through cybercrime. In many industries, organizations continue to merge digital and physical services within an omni-channel ecosystem. Routes to purchase are increasingly converging with merchants replacing or combining in-store experiences with digital offerings. This is especially relevant today, as the pandemic permanently altered the way customers interact with businesses with increasing emphasis on digital transactions.

The changing dynamics around customer interactions create a hospitable climate for cybercrime to flourish. Well-networked cybercriminals are adept at leveraging innovative threat vectors to relentlessly target key points across the customer journey. Cybercriminals will leap at the chance to exploit any vulnerabilities in a security system, which begs the question: How can a business protect itself and fight back?

Identity Trust in New Account Creation

One of the biggest sources of cyberattacks target newly created accounts, which are attacked at as high a rate of any other transaction type in the customer journey. According to research, fraudulent account creations – a fraudster creating an account using someone else’s credentials and payment details – impact one in five adults. Understanding the markers of fraud at the outset can help keep these types of vulnerabilities properly protected. As cybercriminals use stolen, compromised or synthetic identities to create new accounts, identity trust plays an integral role in an organization’s strong cybercrime defense. The ability

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